Verizon Communications Inc. and Yahoo Inc. are closing in on a revised deal that would reduce the price Verizon would pay for the internet company’s core business by about $300 million, people familiar with the matter said.

The two companies also are discussing an agreement to share any future liabilities as a result of two massive data breaches Yahoo disclosed after the companies struck their original $4.8 billion deal in July, people familiar with the matter said.

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